The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1887-07-23
fRg STATE VI TRADE.
Z. 8. BUN 3 CO.'S REVIEW OF
THE BUSINESS SITUATION.
Crop Prospects Excellent, Iran Pro.
duction Large, and Money In
Abundant supply.

INV YoRK, July pr. G. Dun 4
o., in their weekly review OF trade,
say: With business progressing well
throughout the country, crop pros.
peots excellent, iron production larger
than at any previous period, and
money in abundant supply, everything
lie frightened. Wall street Is disturbed
because dream IL has been chasing
tor months suddenly fades away, and
Mr.. Garrett announces the failure OF
Mr.. Ives TO buy the Baltimore and
Ohio. The incident illustrates the
weakness OF Wall street 90 barone.
,ef. For four months the street. has
been disoounting the bene6cisnt re-
su,s Of this expected settlement"
and oil sorts OF purchases, loans, com.
mitments and calculations have been
sassd thereon, But Tor these, the re-
ssntion OF the Baltimore ana Ohio by
IT, old owbers would d,sturb mob )dy.
But now litigation, Involving the
value OF many properties, direct and
indirect, bad been commenced, and
may overcloud with uncertainty for
some time, and meanwhile no Que
watts 10 buy Q shs,e In q law suit.
Wheat o. l1c for No. 2 rcd winter In
July is lower than II has been befors
In that month for more than forty
years, and close to the lowest price for
that period In any month. This IL the
direct reeult oil a speculation which
drew many million bushels from
farmers hands, where cost OF carrying
was nothing, into the hands Of doslers
who are anxious TO mil al before new
wheat comes. The 20,0O0,0O0 in q lew
elevators are heavier III IN 10000, 900
bushels would DO in Iarmers' bins.
Small purchases from farmers for some
time TO come are probable, and the
consequent delay IN demand for money
10 use 10 crop moving may possibly be
helpful. PIices generally y, are low, In
spite Of many speculations. As evil
sence OF ths absorption a q laiiDR
capital In fixed forms, and its Effects,
II may be stated that he same guam
titles oil articles, representing nine
tenths OF the aggregate consumption
si the country, which con Il have
been bought . year ago for slO0, would
asw cost only about 600 ~, aud they
we're not 4 per cent higher Ia January
last 30 small q change la prices,
sitsr an expansion of $65, OO0, 600 dur.
Ing the year la circulation, 10 surpris-
ing. Cotton IL tending down
ward, with liquidation follow.
iAg several important failures,
bat goods are comparatively scarce,
and prices well maintained. Woolens
are ~ usual unsatisfactory; foreign
competition al low prices, combining
With q slack demand for goods 10 dis-
courage producers. But some kinds
Of iron and stoel look stronger, though
the market for steel rails seems lees
0rm. A sale Of 20 900 ton BE eemer
iron, ., above go, is reported, and at
the nsne time large sale Of rails for
Pacific delivery al prices below cur
pent quotations.. Reports from an
psrtsof the country are uuIformly 70.
vofable, ~ 10 state OF trade for the
ssson, aud collections Ars reported
good or lair at oil pointssavs two. The
crop Dfospecta are aso pronounced
more favorable, though the extent of
tamsgs done by drought and insects,
ssn not be determined. Failure TO
esforos the interstate ret, a was eH-
pected, results In disappointment 70
some Ices tiles; hut the yolnme n er.
shanges and the returns OF railroad
earnings, show tAIt business Ia, on
tbB whole, larger than year ago.
Anxiety about the supply Of money
ioy the fall rcvives discussion of
treasury oper tiono, but indicatisns
are that no purchase OF bonds
will b. made u II can be- avoided. The
treasury has tax n Ia 1900 900 more
han u has raid out during the past
week, $4,000 gold, 500, 900 ei!ver
and to00,0uO iegal tender, but large
endorsements are expected about Au.
guht let Exports improve, for three
weeks having Exceeded last years nv
tper cent, AZ. ms tbs increase OF rs o
per cent IN imports. Foreign er.
change tends upward, however, and
come rales OF securities on foreign ac-
count are rtpouej. The clure q
stocks bias Indicated hesitation and
veakue ra, aud the narrow bank re-
serves for lhe season 81 Ct with timid.
Ivy most speculative markets.
Tho business failures during the Last
seven days number ior the United
kleieo la, Tor C,nsda %, toiai l72 (;
compared with l7s lat week and 1873
10y tue cerresponsir q week last year.